Above the 100 hour MA, and even above the trend line resistance, but….
If you recall from yesterday, the USDJPY moved above the 100 hour MA (blue line in the chart below), and I was hopeful that the pair would push and extend higher. The 1st target was to get above the 107.35-41 area where the most recent swing highs were located. Also in the picture was a trend line that slashed across the top. Yesterday, there was a break of that trend line but the break failed, the market rotated modestly lower but stayed above the 100 hour MA. That happens. The market rather than move just died.
Forex technical analysis: The USDJPY continues to play between levels
